Document 5bZpGrmrVYrybErnrdMzbgNbz

At a regular meeting ef the Directors of John T. Lewie k Bros. Company hold this day in thoir office, 2607 E. Cumberland Street, Philadelphia, Pennsylvania there were present! J. W. Gardiner, President A* K* Wilson, Tice President H. H. Merritt, Secretary L* T. Beale, Director A. B* MeCarron, Director Walter Morris, Director G* A* Watts, Director The meeting was called to order by Mr* J. W. Gardiner, whe presided, and Mr* M. H* Merritt reported the minutes ef the meeting. Mr. Shell, Treasurer, and Mr. C. F. Peters, Comptroller, were asked to join the meeting. The minutes ef cur meeting ef April 19th were read and approved* Zt was reported that our application for a CAR in the amount ef $1696.75 to cover a Spencer heavy duty Industrial portable vacuum cleaner for our Oxide Department had been approved* On motion duly made and seconded it was unanimously . RESOLVED that H* Evans Rhell be authorised to sign our wage payroll checks, thereby rescinding authority for the signature of M* Sehemm, and that a copy of this resolution be forwarded to the Corn Exchange Rational Bank. 7 It was reported that since the death ef Arthur B* Clarke, the Lead Oil Varnish and Paint Makers Independent Onion had designated their Grievance Committee to handle all relations with us* This committee consists ef Williams Raekett, Alec Montgomery, Paul Hansen. The following comparative figures for the month ef April 1946 and 1949 and for the four months ef 194$ and 1949 were submitted as follows, but no normal stock adjustment is included in these figures! April 1946 - Profit <83 ..621.64 4 mes. 1948 - Profit $127,675.21 April 1949 * Lees $28*002.87 4 mes. 1949 - Profit $35,800*75 Mr. Peters was asked to study the effect ef the pig lead decline on our April earnings and believes that had pig lead cost us the same as the basis on which the products were sold, our earnings would have been $5801*74 for April* He further pointed out that if pig lead dees net further decline we are still faced with an inventory less of approximately $220,318*17 as ef May 6th as an offset to branch earning figures. Cognisance was taken ef the company's desire to use whatever is available within the company rather than buy on the outside until the overall stock picture is somewhat reduced* NL 000040710 Pag* 2 Philadelphia, Pa. May 16, 1949 Mr. Rhell reported that all spring dated bills totalling #43,919.28 hare been paid except by seventeen companies. Mr. Wilsen reported that we have been making special effarts t* reduce eur inventory ef processed linseed oil and packaged linseed oils, and that we are making real progress in that dirsetion. There being no further business, upon motion the meeting adjourned. NL 000040711